Friday newspaper round-up: Brexit, Equifax, National Grid, Saudi Aramco

Michele Maatouk WebFG News | 10 Nov, 2017 07:33 | | |

noticias

British and European business leaders are to demand an urgent breakthrough on Brexit from Theresa May in order to salvage a transition deal from the stalled negotiations in Brussels. The CBI and counterparts from France, Germany and Italy will meet the prime minister at Downing Street on Monday to warn that taking much longer to negotiate a transition agreement could render it useless because companies will soon be forced to assume the worst about the terms of Britain’s departure from the EU. – Guardian

Investigators have raided the offices of ticket resale companies StubHub and Viagogo as part of a probe into suspected breaches of consumer law in the “secondary ticketing” industry, the Guardian has learned. Officials from the Competition and Markets Authority seized information about the companies’ relationship with prominent ticket touts, who harvest tickets for in-demand events and sell them via the two sites. - Guardian

Equifax on Thursday reported a lower third-quarter profit as costs from the credit reporting bureau's recently disclosed data breach that exposed deeply sensitive information on 145.5 million people began to mount. Net income attributable to Equifax fell to $96.3m (£73m), or 79 cents per diluted share, from $132.8m, or $1.09 per diluted share, a year earlier. – Telegraph

National Grid is training the focus of its multi-billion pound investment effort on the US as political scrutiny in the UK mounts. The FTSE 100 operator of Britain’s pipes and wires is pouring more than half of its spending into projects in the North East of the US where regulators are encouraging billions of dollars in low carbon investments. – Telegraph

One of Britain’s most senior former civil servants has accused the government of pursuing a nakedly commercial foreign policy after $2 billion in loan guarantees were granted to Saudi Aramco, the oil group considering a shares listing in London. Lord Macpherson of Earl’s Court, permanent secretary to the Treasury from 2005 to 2016, tweeted: “Her Majesty’s Government guaranteeing a loan to Aramco would be a further lurch in descent to mercantilism. Mr Gladstone will be turning in his grave.” – The Times

Britain’s economy will trail the eurozone for each of the coming three years as its growth falls to the bottom of the European Union’s 28 members, according to official forecasts from Brussels. The single currency bloc has not grown faster than the UK since 2011 but is now expected to outpace it until at least 2019, after the European Commission downgraded Britain and upgraded the eurozone in its latest outlook. – The Times

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Wall Street finished mixed on Wednesday, following the record highs set the day before and amid lighter-than-usual trading volumes ahead of the Thanksgiving holiday on Thursday.

22 Nov Jefferies upgrades Kingfisher to 'buy', raises target price

Analysts at Jefferies upgraded home improvement products retailer Kingfisher (KGF) to 'buy' from its previous 'hold' rating on Wednesday, raising its target price from 310p to 400p along the way.

22 Nov Europe close: German stocks give back gains amid political impasse

Stocks ended the session modestly lower as traders waited for the release of the minutes of the US Federal Reserve's last rate-setting meeting in the evening and monitored the news-flow out of Germany, amid speculation that a 'grand coalition' between Germany's two main political parties, the centre-right CDU/CSU and the Socialist SPD, may yet be possible.

22 Nov Lebanon prime minister Hariri retracts resignation

Saad al-Hariri has revoked his resignation as Lebanon's prime minister, according to a local news report on Wednesday.

22 Nov Budget: Planning probe spooks builders, mixed reaction for stamp duty cut

A range of new housing policies were proposed by Chancellor Philip Hammond in his Budget statement, including more funds for smaller housebuilder, a probe into potential holding of land by major housebuilders and a stamp duty cut for first-time buyers.

22 Nov US open: Shares hold ground ahead of FOMC minutes

Wall Street is holding its ground following the record highs set the day before, albeit amid lighter than usual trading volumes ahead of the Thanksgiving Holiday on Thursday, with investors looking to the release of the minutes of the most recent meeting of the Federal Open Market Committee.

22 Nov London close: Stocks higher on UK budget

Shares closed higher on Wednesday as investors sifted through corporate releases as well as the Autumn Budget.

22 Nov FTSE 250 movers: Qinetiq boosted by Berenberg note as Thomas Cook tanks

The FTSE 250 index was up around 0.50% on the day in which Chancellor Philip Hammond revealed his budget for the upcoming year.

22 Nov Higher margins offset declining sales volumes at Cambria

Motor dealer Cambria Automobiles managed to successfully grow profit and revenue throughout the financial year, as per-unit profits counteracted a slide in sales volumes.

22 Nov First production at Texas asset transforms Pantheon Resources into full-cycle energy and power business

Oil and gas exploration firm Pantheon Resources announced "another year of progress" in its full-year results on Wednesday, as it completed the transition from a pure-play exploration company to a full-cycle energy and power business.